Chancellor of the Exchequer

• The government's chief financial officer, responsible for:

  • Raising revenue through taxation and borrowing.
  • Controlling government spending.
  • Leading the Treasury.
  • Allocating funds to government departments.
• The Budget-

  • The annual budget outlines government spending.
  • Traditionally delivered in March, but moved to October in 2018.
  • A review happens six months later.
• Public Spending

  • 2018–19 predicted spending: £809bn
  • Predicted tax revenue: £769bn (resulting in borrowing).
  • Key areas:
  • Social protection: £252bn
  • Health: £155bn
  • Education: £102bn
  • Defence: £49bn
• Austerity-

  • When government spending exceeds income, it must reduce spending or raise taxes to cover the deficit.